[DiamondDave]

If retained earnings are used to keep the plant and equipment in working order, the beer-making capacity of BUD's capital stock should stay about the same as time passes. And the nominal value of that plant & equipment will increase because the nominal price of its output (beer) will increase.

Obviously, vats used to make beer will eventually wear out. But I would hazard a guess that they will retain their usefulness to a greater degree than, say, the machines used to make panels for Dodge trucks. It's not as if all capital equipment wears out at the same rate, whatever GAAP rules on depreciation may say.